The original Swedish term for 'gaylift', i.e. an act, during which a man (the lifter) lifts another man (the flyer).

The böglyft was pioneered by two guys in Sweden and has since become a world-famous activity.

When performing a classical böglyft, the lifter supports the flyer's torso with one (preferably right) arm while his other arm supports the flyer's (left) leg and also maintains a firm grip of the flyer's penis. An erection is preferred, be it a jokeboner or the real deal.
Style points are awarded if the flyer's underwear is down by his ankles.

A photograph of the original böglyft can be found here (warning: penis clearly visible):
http://crazyswedes.files.wordpress.com/2008/05/boglyft2.jpg

I got böglyft yesterday. Felt good but next time I'm doing the lifting!